Gold price forecast: Continue to face upward pressure, pullback is an opportunity

Analyst Christopher Lewis said, "The gold market continues to face a lot of upward pressure, but it also looks a bit weak at the moment, so I will look for a pullback to take advantage of "cheap gold". However, I will not go short under any circumstances."

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He said, "The gold market rebounded on Tuesday, and we continue to see a lot of upward momentum, but at this point, I think we are a bit over the top. A short-term pullback will be very useful, allowing traders to jump in and pick up cheap gold."

He said that the gold market is a market that is supported by many different factors at the same time, the most important of which is geopolitics. Currently, tensions between Russia and Ukraine are expanding. In addition, conflicts in the Middle East are also escalating. At the same time, central banks around the world are slashing interest rates.

He said, "That being said, I think any decline must be viewed as an opportunity. The $2,530 level was the previous resistance level and should now be the bottom of the market. In addition, the 50-day moving average is also moving towards that area. So, I think the situation is that you can find value hunters there who are willing to take advantage of it." He said, "Looking forward, I believe the gold market can reach a market at the $3,000 level. At the same time, this is also my goal. Having said that, I don't think it will be easy to achieve, but I believe it will be a market that fluctuates back and forth and eventually moves upward. I have no interest in shorting." Beijing time 00:27, spot gold reported $2,647.79/ounce, up 0.74%.